________ describes how responsive demand will be to a change in price.
A) Price elasticity
B) Break-even pricing
C) The demand curve
D) Target costing
E) Supply

Question

Quizplus · Accepted Answer

Price elasticity refers to the degree to which demand for a product or service is affected by a change in its price. High price elasticity means that a small change in price results in a large change in demand, while low price elasticity means that a change in price has little effect on demand.

________ Describes How Responsive Demand Will Be to a Change